AGI to invest US$1bn in capital expenditure
Travellers International, which operates the Newport World Resorts complex in Pasay City, will receive US$85m for its expansion.
The Philippines.- Alliance Global Group (AGI), owner of Travellers International Hotel Group (operator of Newport World Resorts casino and leisure complex in Manila) has announced that it has reserved PHP59bn (US$1bn) in capital expenditure this year to fund high-profile developments, including new luxury hotels, integrated resorts and overseas whisky operations.
Travellers International, which operates the Newport World Resorts (NWR) complex in Pasay City, will receive around PHP5bn (US$85m) for its expansion. AGI plans the development of a new luxury hotel featuring VIP gaming at NWR. The Narra Palm Hotel and Villa is described as a “truly Filipino luxury destination.” According to details released after AGI’s Annual Stockholders’ Meeting, it will have 157 suites and villas along with private gaming suites for VIP guests.
Part of the investment will support previously announced hotel and casino projects within the group’s townships in Boracay and Cebu. Another project Travellers International is involved with is the Westside City commercial complex at Entertainment City, in Metro Manila.
AGI chief executive Kevin Tan, said: “We believe there exists a lot of opportunities here and across the globe where our business can grow. Our capital investments are expected to continue to focus on market expansions and strengthening our operational capacities.”
